The British Business Bank has provided a facility to Simply Asset Finance that will increase its funding to SMEs by £60m for hire purchase, finance leases and refinancing.

The transaction is the sixth made under the Bank’s Enable Funding programme, which aims to increase the supply of leasing and asset finance to UK SMEs.

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Simply Asset Finance is a new non-bank lender which was setup in April 2017. It is led by former Close Brothers Asset Finance chief Mike Randall and backed by Cabot Square Capital, and provides funding to small and medium-sized businesses to help them purchase equipment, free up working capital and invest in growth. Since it was established, the firm has already arranged more than £35m of financing across a variety of sectors – including manufacturing, construction, transport and recycling.

The British Business Bank’s Enable Funding programme has supported lending to over 10,000 businesses since the first transaction in September 2015.

Mike Randall, chief executive of Simply Asset Finance, said: “The funding from the British Business Bank will allow us to further support those businesses that are looking to invest in the future, and consequently drive the country’s growth. We’ve long recognised the need to provide customers with a better, simpler, transparent and more agile financial experience.

“Many of our clients just do not want to deal with large corporate lenders and banks. Our ethos – which echoes that of the British Business Bank – is simple: we want to help organisations unlock the best funding solution for their businesses and generate more working capital. We are delighted to agree this facility and look forward to working with the Bank long term.”

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Keith Morgan, chief executive of the British Business Bank, said: “Our Enable Funding programme helps support smaller finance providers like Simply Asset Finance who share our goal of increasing the supply of finance to small and medium sized businesses. Leasing and asset finance is a vital form of funding for many smaller businesses looking to scale up. It allows them to buy or replace the equipment that they need to take their business to the next level and realise their growth potential.

“The Bank is committed to increasing the volume of funding available to smaller businesses. We’re also committed to increasing the diversity of finance provision, allowing exciting and innovative non-bank entrants like Simply Asset Finance to help provide even more funding options to smaller businesses around the UK.”

Richard McDougall, partner at Cabot Square Capital, said: “We are very pleased with the excellent progress that Simply Asset Finance has made in a short period of time, and it is great that the British Business Bank is supporting Simply Asset Finance alongside us.

“Mike and his team provide an invaluable service to businesses across the country – by lending Cabot’s institutional capital and the Government’s funds back into the real economy in a responsible and modern way.”